Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company offers a comprehensive chip system foundry service, with significant growth in module packaging business, which saw over 100% year-on-year revenue increase. The automotive power module revenue grew over 200% in the first half of 2025 due to deepening collaboration with end customers [4] - The company has established multiple production lines covering power semiconductors and signal chain foundry, continuously advancing in analog and control foundry services. The 12-inch silicon-based production line and 8-inch silicon carbide line are expected to enhance cost advantages and technological leadership, driving long-term growth in automotive, AI, high-end consumer, and industrial control sectors [5] - The company anticipates revenues of 8.04 billion, 10.01 billion, and 12.22 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected to be -470 million, 136 million, and 310 million yuan for the same years [7][8] Company Overview - The latest closing price is 5.18 yuan, with a total market capitalization of 36.6 billion yuan and a circulating market value of 22.9 billion yuan. The company has a total share capital of 7.069 billion shares, with a debt-to-asset ratio of 41.7% [3]

证券代码：688469 证券简称：芯联集成 公告编号：2025-046 芯联集成电路制造股份有限公司 关于发行股份及支付现金购买资产暨关联交易 之标的资产过户完成的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 芯联集成电路制造股份有限公司（以下简称"公司"）拟发行股份及支付现 金购买绍兴滨海新区芯兴股权投资基金合伙企业（有限合伙）、深圳市远致一号 私募股权投资基金合伙企业（有限合伙）等 15 名交易对方合计持有的芯联越州 集成电路制造（绍兴）有限公司（以下简称"标的公司"）72.33%股权（以下简 称"本次交易"）。 公司于 2025 年 7 月 18 日收到中国证券监督管理委员会出具的《关于同意芯 联集成电路制造股份有限公司发行股份购买资产注册的批复》（证监许可〔2025〕 1502 号）。批复文件的主要内容详见公司于 2025 年 7 月 19 日披露的《芯联集成 电路制造股份有限公司关于发行股份及支付现金购买资产暨关联交易事项获得 中国证券监督管理委员会同意注册批复的公告》。 公司根据中国证监会批复的要求积极推进 ...

华泰联合证券有限责任公司 关于芯联集成电路制造股份有限公司 发行股份及支付现金购买资产暨关联交易 之标的资产过户完成情况的 独立财务顾问核查意见 独立财务顾问 签署日期：二〇二五年八月 独立财务顾问声明 本独立财务顾问特别提请广大投资者认真阅读就本次交易事项披露的相关 公告，查阅有关文件。 2 释义 本核查意见中，除非文意另有所指，下列简称具有如下含义： | 公司/上市公司/芯联集 成 | 指 | 芯联集成电路制造股份有限公司（股票代码：688469） | | --- | --- | --- | | | | 《芯联集成电路制造股份有限公司发行股份及支付现金购 | | 重组报告书 | 指 | 买资产暨关联交易报告书》 | | | | 《华泰联合证券有限责任公司关于芯联集成电路制造股份 | | 本核查意见 | 指 | 有限公司发行股份及支付现金购买资产暨关联交易之标的 | | | | 资产过户完成情况的独立财务顾问核查意见》 | | 标的公司/交易标的/芯 | | 芯联越州集成电路制造（绍兴）有限公司，原名为中芯越州 | | | 指 | | | 联越州 | | 集成电路制造（绍兴）有限公司 | | 标的资产 | ...

上海市锦天城律师事务所 关于芯联集成电路制造股份有限公司 发行股份及支付现金购买资产暨关联交易 标的资产过户情况 之 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 11、12 层 电话：021-20511000 传真：021-20511999 邮编：200120 | 声明事项 | 2 | | --- | --- | | 正文 | 4 | | 一、本次交易方案的主要内容 4 | | | 二、本次交易的批准和授权 4 | | | 三、标的资产交割与过户情况 6 | | | 四、本次交易相关后续事项 7 | | | 五、结论 | 7 | 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于芯联集成电路制造股份有限公司 发行股份及支付现金购买资产暨关联交易资产过户情况之 一、本所及本所经办律师依据《中华人民共和国证券法》《律师事务所从事 证券法律业务管理办法》《律师事务所证券法律业务执业规则（试行）》等规定 及本法律意见书出具日以前已经发生或者存在的事实，严格履行了法定职责，遵 循了勤勉尽责和诚实信用原则，进行了充分的核查验证，保证本法律意见书所认 定的事实真实、准确、完整，所发表的结 ...

Core Viewpoint - The company, ChipLink Integrated (688469.SH), has successfully applied its MEMS sensor chips in various fields, including voice interaction, posture recognition, motion capture, robotic manipulation, environmental perception, and navigation positioning [1] Group 1 - The MEMS sensor chips are utilized in AI glasses microphone chips and robotic laser radar chips, indicating significant breakthroughs in these applications [1]

Summary of Key Points Core Viewpoint - As of August 7, 115 companies have released their semi-annual reports for 2025, with 81 reporting a year-on-year increase in net profit, while 34 reported a decline. Additionally, 78 companies saw an increase in operating revenue, and 37 experienced a decrease. A total of 68 companies reported simultaneous growth in both net profit and operating revenue, while 24 companies saw declines in both metrics. Notably, 18 companies achieved a net profit growth rate exceeding 100%, with Zhimin Da leading at a staggering 2147.93% [1]. Company Performance - Zhimin Da (688636) reported earnings per share of 0.2284, with a net profit of 38.298 million and a year-on-year increase of 2147.93%. Its operating revenue reached 294.7564 million, reflecting an 84.83% increase [1]. - Shijia Guangzi (688313) achieved a net profit of 216.6475 million, marking a year-on-year increase of 1712.00%, with operating revenue of 992.6253 million, up 121.12% [1]. - Nanji Guang (300940) reported a net profit of 72.891 million, with a year-on-year increase of 982.43%, and operating revenue of 397.5085 million, up 244.67% [1]. - Tongzhou Electronics (002052) had a net profit of 203.0714 million, a year-on-year increase of 662.77%, with operating revenue of 539.7695 million, up 606.52% [1]. - Daodaquan (002852) reported a net profit of 180.9760 million, with a year-on-year increase of 563.15%, and operating revenue of 2792.4396 million, reflecting a slight increase of 1.16% [1]. Additional Company Insights - Huakang Jieneng (301235) reported a net profit of 18.6830 million, with a year-on-year increase of 273.48%, and operating revenue of 83.49115 million, up 50.73% [1]. - Chengxing Co. (600078) had a net profit of 18.5612 million, with a year-on-year increase of 211.08%, and operating revenue of 177.61177 million, up 9.85% [1]. - Kaimeite (002549) reported a net profit of 55.8461 million, with a year-on-year increase of 199.82%, and operating revenue of 31.03616 million, up 10.52% [1]. - Dong'an Power (600178) had a net profit of 3.9212 million, with a year-on-year increase of 157.75%, and operating revenue of 247.91147 million, up 25.72% [1]. Overall Market Trends - The overall trend indicates a strong performance among the majority of companies, with a significant number achieving substantial growth in both net profit and operating revenue, reflecting a positive outlook for the market [1][2].

Core Viewpoint - The recent financial report of ChipLink Integration (688469) shows significant improvements in revenue and profitability, indicating a positive trend in the company's financial health despite still reporting a net loss [1]. Financial Performance - Total revenue for the first half of 2025 reached 3.495 billion yuan, a year-on-year increase of 21.38% compared to 2.88 billion yuan in 2024 [1]. - The net profit attributable to shareholders was -170 million yuan, showing a 63.82% improvement from -471 million yuan in the previous year [1]. - In Q2 2025, total revenue was 1.762 billion yuan, up 15.39% year-on-year, with a net profit of 11.95 million yuan, reflecting a 105.23% increase [1]. - Gross margin improved significantly to 3.54%, up 183.44% from -4.25% in the previous year, while net margin also improved to -26.8%, a 31.52% increase [1]. Cost and Expenses - Total selling, administrative, and financial expenses amounted to 237 million yuan, accounting for 6.79% of revenue, down 21.23% year-on-year [1]. - The company reported a significant increase in operating cash flow per share to 0.14 yuan, a 76.72% increase from 0.08 yuan [1]. Asset and Liability Management - Cash and cash equivalents decreased by 73.05% to 6.213 billion yuan due to increased purchases of structured deposits and reduced financing inflows [1]. - Accounts receivable increased by 45.83% to 1.393 billion yuan, indicating higher sales but also potential collection risks [1]. - Interest-bearing liabilities decreased by 35.29% to 10.056 billion yuan, reflecting improved debt management [1]. Market and Business Strategy - The company is focusing on emerging markets such as AI, data centers, and intelligent driving, with significant revenue contributions expected from these sectors [11][12]. - The company has achieved mass production of key components for data centers and intelligent applications, indicating a strong position in these growing markets [11][12]. Investment and Shareholder Insights - The largest fund holding in ChipLink Integration is the Jianxin Shanghai Stock Exchange Smart Selection Sci-Tech Innovation Board Innovative Value ETF, with a scale of 797 million yuan [10]. - Analysts expect the company's performance in 2025 to remain challenging, with projected losses of 483 million yuan and an average earnings per share of -0.07 yuan [9].

Core Insights - Semiconductor technology company ChipLink Integration reported a revenue of 3.457 billion yuan for the first half of 2025, representing a year-on-year growth of 24.93% [1] - The company achieved a net profit attributable to shareholders of 12 million yuan in the second quarter, marking its first positive quarterly net profit, with a previous goal set for profitability by 2026 [1] - EBITDA reached 1.101 billion yuan, with a corresponding profit margin of 31.51%, and gross margin improved by 7.79 percentage points to 35.4% [1] - Research and development expenditure amounted to 964 million yuan, reflecting a growth of 10.93% [1] Business Segments - The automotive business is a significant segment for ChipLink Integration, accounting for 47% of total revenue, with a year-on-year growth of 23% [1] - The company has launched the first domestic 8-inch SiC production line, which has begun small-scale production [1] AI Business Development - For the first time, ChipLink Integration mentioned its progress and revenue in the AI sector, identifying AI servers, data centers, embodied intelligence, and intelligent driving as its fourth core market direction [1] - AI business contributed 196 million yuan in revenue, accounting for 6% of total revenue in the first half of the year [1]

Company Overview - The total operating revenue of the company reached 3.495 billion yuan, an increase of 21.38% year-on-year [2] - The net profit attributable to shareholders was -170 million yuan, an increase of 63.82% year-on-year, while the net profit excluding non-recurring items was -536 million yuan, an increase of 31.11% year-on-year [2] - In Q2, the operating revenue was 1.762 billion yuan, up 15.39% year-on-year, and the net profit attributable to shareholders was 11.95 million yuan, up 105.23% year-on-year [2] Profitability - The company's gross margin was 3.54%, with a year-on-year increase of 183.44%, while the net margin was -26.8%, with a year-on-year increase of 31.52% [3] Financial Health - The company's cash and cash equivalents amounted to 2.13 billion yuan, a decrease of 73.05% year-on-year, primarily due to increased purchases of structured deposits and reduced inflow from financing [4] - Interest-bearing liabilities were 10.056 billion yuan, a decrease of 35.29% year-on-year, with an interest-bearing asset-liability ratio of 30.3% [5] - Accounts receivable stood at 1.393 billion yuan, an increase of 45.83% year-on-year, raising concerns about the collection of receivables given the negative net profit [6] Costs and Expenses - Total operating expenses (selling, administrative, and financial expenses) amounted to 237 million yuan, accounting for 6.79% of revenue, a decrease of 21.23% year-on-year [7] - Selling expenses increased by 112.82% year-on-year due to ongoing market and customer expansion efforts [7] Industry and Market - The global semiconductor industry is showing signs of recovery after a cyclical adjustment, driven by the popularity of electric vehicles, penetration of smart driving, and growing demand for data centers and AI computing power [8] - The global semiconductor market is expected to reach 700.9 billion USD in 2025, growing by 11.2% [8] - China, as the largest market for automobiles, new energy, and consumer electronics, continues to see increasing demand for semiconductor products [8] Development Strategy - The company aims to become a world-leading one-stop chip system foundry, being one of China's largest production bases for automotive-grade IGBT and ranking among the top in Asia for SiCMOSFET shipments [9] - The company's products primarily include core chips and modules for power control, power drive, and sensor signal chains in automotive, industrial control, high-end consumer, and AI fields [9] Summary - The company's mid-year report for 2025 indicates improvements in profitability, but attention is needed on cash flow and debt status [10] - The company should continue to optimize its cost structure, enhance production efficiency, and strengthen accounts receivable management to ensure stable development [10]

Group 1 - Niuwei Co., Ltd. reported a net profit of 637 million yuan for the first half of 2025, representing a year-on-year increase of 30.47% [1] - The company achieved a total operating revenue of 3.404 billion yuan, up 19.96% year-on-year [1] - Niuwei specializes in the research, manufacturing, and sales of industrial valves [2] Group 2 - Shandong Haohua plans to acquire a 29% stake in Zhongyan Alkali Industry with a total investment of 2.32 billion yuan [2] - The company is involved in the production of soda ash and caustic soda [3] Group 3 - Dongfang Co., Ltd. announced a partnership with Dongfang Import and Export Company to develop overseas marketing business [38] - The company focuses on the research, production, and sales of light commercial vehicles and powertrains [38] Group 4 - Xinyuan Technology reported a net profit of 52.6 million yuan for the first half of 2025, a year-on-year increase of 10.70% [12] - The company achieved an operating revenue of 2.871 billion yuan, up 3.86% year-on-year [12] - Xinyuan provides one-stop custom development and production services for pharmaceutical companies and research institutions [12] Group 5 - Zhuhai Piano announced that its subsidiary won the operating rights project for the Baihuazhai scenic area, with an investment of no less than 400 million yuan over 20 years [21] - The company specializes in the research, manufacturing, and sales of pianos and digital musical instruments [21] Group 6 - Zhenghong Technology reported a sales revenue of 26.02 million yuan from pig sales in July, a year-on-year increase of 288.69% [16] - The company sold 63,000 pigs in total from January to July 2025, with a cumulative sales revenue of 109 million yuan, representing a year-on-year increase of 38.06% [16] - Zhenghong focuses on feed products and pig farming [17] Group 7 - ST Nuotai received the cGMP certification from Brazil's National Health Surveillance Agency for its production facility [15] - The company specializes in the research and development of peptide drugs and small molecule pharmaceuticals [15] Group 8 - Guizhou Moutai has repurchased a total of 3.4517 million shares, accounting for 0.2748% of its total share capital, with a total expenditure of 5.301 billion yuan [48][49] - The company is engaged in the production and sales of Moutai liquor and related products [49]